China October Industrial Output +6.2% on Year; Market Expected +6.2%

BEIJING – Industrial output in China slowed in October from a year earlier, indicating a softness in growth momentum, data from the National Bureau of Statistics showed Tuesday.

Value-added industrial output, a rough proxy for economic growth, expanded by 6.2% in October compared with a 6.6% increase a month before. The reading was in line with a median forecast of 6.2% growth by 11 economists surveyed by The Wall Street Journal.

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On a month-to-month basis, industrial production increased 0.5% in October compared with a 0.56% rise the month before.

Fixed-asset investment outside rural households climbed 7.3% in the January-October period from a year earlier, slowing from a 7.5% increase over the January-September period. The rise in fixed-asset investment, a closely watched indicator of construction activity, was also in line with an economists' median forecast for a 7.3% gain. The growth was the slowest pace since December 1999, according to Wind Information, a local data provider.

Retail sales grew 10.0% in October from a year earlier, accelerating from a 10.3% increase in September. The reading was lower than a median forecast for a 10.5% rise in October.